SPINNAKER SPINNAKER EMERGING MARKETS MACRO FUNDEMERGING MARKETS MACRO FUNDPERFORMANCE REPORTPERFORMANCE REPORT – 30 NOVEMBER 2015 – 30 NOVEMBER 2015

Investment Objective

“Fund” refers to the net return of Share Class S2 USD of the Spinnaker Emerging Markets Macro Fund for the period indicated. Returns to investors will differ de-pending on the date of investment. “S&P 500” refers to the total return of the Standard & Poor’s 500 U.S. stock market index; “MSCI-EM” refers to the total return of the Morgan Stanley Capital International Emerging Market Equity Index; “EMBI” refers to the total return of the JP Morgan Emerging Markets Bond Index Global Index; “GBI-EM” refers to the total return of the JP Morgan GBI-EM Global Diversifi ed Index, unhedged in US dollars. Return numbers are percentage variations over the period indicated. These indices are not used as benchmarks and do not refl ect the asset allocation or risk profi le of the Spinnaker Emerging Markets Macro Fund.

Fund Details

The Spinnaker Emerging Markets Macro (EMM) Fund seeks total returns through capital growth and/or income generation. The Fund invests primarily in Emerging Markets currencies, domestic interest rates, and sovereign debt.

S2 USD Share Class Details

*Leverage calculated as a sum of the absolute value of no-tionals of the fi nancial derivative instruments (FDI) used. This does not account for any netting or hedging arrange-ments, and is therefore not a risk-adjusted measurement.

Spinnaker Emerging Markets Macro Fund Ltd Monthly Report – 30 November 2015

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Fund S&P 500 EMBI MSCI-EM GBI-EM

November 2015 2.45 0.30 -0.06 -3.90 -2.16

YTD 1.11 3.01 2.77 -12.98 -12.98

Last 3 months 1.75 6.07 1.68 -0.14 -0.77

Performance (%)

NAV per unit (30th Nov 2015) USD 101.10

Base currency USD

Minimum initial investment USD 1 million

Management Fee 0.75% p.a.

Performance Fee 10%

Income Distribution Accumulated

ISIN IE00BXQ9NV37

Net Asset Value USD 176.12m

Fund currencies available USD, EUR, GBP

Launch Date 1 July 2015

Fund Domicile Ireland

Portfolio Manager Christian Kopf

Investment Manager Spinnaker Capital Limited

Authorisation and Regulation UCITS, by Central Bank of Ireland

Pricing Weekly on Wednesdays

Dealing Deadline Friday, 12 noon Dublin time

Country Registration GB, LU, CH, DE, AT

Share ClassNAV per unit

(as of 30 Nov 2015) ISIN

Class S1 USD 101.17 IE00BXQ9NR90

Class S1 EUR 101.08 IE00BXQ9NS08

Class S1 GBP 101.44 IE00BXQ9NT15

Class S2 USD 101.10 IE00BXQ9NV37

Class A2 USD 101.44 IE00BXQ9NK22

30 Nov 2015 31 Oct 2015

Fund NAV 176.12 175.27

Strategy AuM 868.88 845.28

Firm AuM 1,966.45 1,907.89

30 Nov 2015

G3 rates net DV01 (US$ 000) 18

EM rates net DV01 (US$ 000) 38

Leverage notional FDI (% of NAV) 479*

Assets Under Management (US$ MM)

Risk Summary

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Investment Manager’s Report

Spinnaker Emerging Markets Macro Fund Ltd Monthly Report – 30 November 2015

Return: The Fund returned +2.45% net of fees for the month of November, versus losses of 0.06% for the EMBI Global index, losses of 2.16% for EM local cur-rency bonds, losses of 3.90% for the broad index of Emerging Market equities and gains of 0.30% for the S&P 500.

November was another diffi cult month for the broad market indices of EM currencies, equities and cred-it, due mainly to the steep decline in oil and copper prices. However, it was also a month marked by a series of relevant political developments, which of-fered plentiful opportunities for alpha generation. In Argentina, opposition candidate Mauricio Macri won the second round of presidential elections on 22 No-vember, thus paving the way for a more rational and market friendly economic policy after years of pop-ulism, clientelism and economic distortions under the incumbent president Cristiana Kirchner. Macri’s vic-tory also opens the door to a deal with Argentina’s holdout creditors, which would allow the country to regain access to international capital markets. The Fund benefi tted from this development through its holdings of local-currency and dollar-denominated Argentine government debt. While Argentina is about to turn the corner, the political and economic crisis in Brazil that was triggered by the end of the commodity boom continues to deepen. The Central Bank’s Eco-nomic Activity Index suggests that GDP is contracting at a rate of 6%, tax revenues are declining even faster and the fi scal defi cit may reach 11% of GDP this year. As a result, public debt and long-term government bond yields in Brazil are rising, which contributed to gains on the Fund’s steepener trade in Brazil’s domes-tic yield curve. Meanwhile, the Executive Board of the International Monetary Fund decided on 30 Novem-ber to include the Chinese renminbi in the basket of currencies that make up its Special Drawing Rights, along with the US dollar, the euro, the Japanese yen and the British pound. The inclusion in the SDR bas-ket marks an important achievement for the Chinese leadership, which is trying to promote a greater in-ternational use of its currency, and it may give the People’s Bank of China more freedom in managing the exchange rate. Throughout November, the ren-minbi depreciated against the US dollar, which led to gains on the Fund’s short position in that currency. Finally, Greece’s four main banks made good progress in raising new equity from private investors, in order to cover capital shortfalls identifi ed by the ECB’s stress test in late October.

Trading in foreign exchange markets had a positive contribution of 2.46% to the Fund’s returns in Novem-ber, due mainly to gains on short positions in the Chi-nese renminbi, the South Korean won and the euro, which also served as a funding currency for tactical long positions in the Brazilian real and in the Russian rouble. Positions in rates markets generated a nega-

tive return contribution of 0.18% for the month, as gains on a curve steepener in Brazil were more than offset by losses on a rates position in Colombia. The Fund’s sovereign credit strategy had a positive return contribution of 0.32%, driven primarily by gains on Argentine government debt.

Risk: The net short position in foreign exchange mar-kets rose to -122.0% of net assets vs. -56.2% at the end of October, due mainly to a substantial increase in the Fund’s short position in the Chinese renminbi. The Fund reduced its net received position in rates markets to 38,300 DV01, or 43.5% of net assets, from 49,400 DV01, or 56.4% of net assets, by closing long positions in the Brazilian rates markets and in German Bund futures. The long position in sovereign credit was reduced to 27,600 CR01, or 32.6% of NAV, from 31,100 CR01 in the previous month, as the Fund took profi t on long positions in Kazakhstan and Cyprus and added new long positions in Angola and Namibia and short positions in the United Arab Emirates. The Fund held cash amounting to 44.9% of net assets, down from 58.5% in October. Total cross-asset exposure fell to 11.6% from 107.9% of net assets.

The Fund’s top three risk positions at the end of No-vember were a currency short in the euro, a net re-ceived position in the Brazilian interest rate market and a long in Greek government bonds.

Outlook: The election of Mauricio Macri could be a signal that the Latin American electorate is moving away from populist policies, which is a very encour-aging development, especially in view of the fact that most countries on the continent are suffering from ris-ing unemployment and very weak economic activity due to the fall in commodity exports. The rapid fall in the popularity of Brazil’s president Dilma Rousseff and the rise of the opposition bloc in the polls for Ven-ezuela’s parliamentary elections on 6 December also indicate a turn towards less-distortionary economic policies, which bodes well for Latin America’s eco-nomic growth potential in the medium term. In the near term, this opens potential for a decline in risk premia on distressed sovereign debt from the region. Apart from this, December will bring greater clarity on the path of monetary policy in advanced econo-mies, as the ECB will detail changes to its quantita-tive easing programme and the US Federal Reserve is set to hike rates after seven years of zero interest rate policy. A scenario of steady and slow US rate hikes will likely bring about greater differentiation amongst Emerging Markets, and outperformance of assets from countries with sustainable external account positions and favourable currency valuations. Most EM coun-tries will likely not follow the US in hiking rates, and the Fund sees scope for domestic rates to rally further in countries with very low infl ation.

Performance Contributions (%, for the month of November 2015)

Asset Class Asia Europe Latin AmericaMiddle East and Africa

Global Total

Currencies 0.81 -0.11 0.05 -0.10 1.81 2.46

Domestic Interest Rates -0.03 -0.11 -0.04 -0.18

Sovereign Debt 0.05 0.17 0.14 0.02 -0.05 0.32

Equities

Corporate Debt

Interest & Fees -0.16

Total 0.86 0.03 0.08 -0.11 1.75 2.45

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Spinnaker Emerging Markets Macro Fund Ltd Monthly Report – 30 November 2015

This report is issued by Spinnaker Emerging Markets Macro Fund Ltd. (the “Fund”) for information only and is directed only at persons who would be defi ned as Professional Clients and Eligible Counterparty clients under the rules of theFinancial Conduct Authority (FCA) in the UK. Although the Fund believes the information to be reliable, no representation or warranty, express or implied, is made, and no liability is accepted, by the Fund or any of its offi cers, agents or affi liates as to the accuracy, completeness or correctness of the information contained herein. This report does not constitute an offer of, an invitation to subscribe for or purchase, or a recommendation to purchase, shares in the Fund or any of the other securities described herein. Any offer of shares in the Fund will be made solely by means of the current Prospectus and Prospectus Supplement prepared by the Fund. The decision to adopt any strategy or to engage in any transaction and the decision as to whether any strategy fi ts into an appropriate portfolio structure remain the responsibility of the customer and its advisors. Performance information is not a measure of return to the investor, is not based on audited fi nancial statements, and is dated; return may have decreased since the date of this report. Past performance is not an indication of future results. Investment in the Fund entails risks and is governed by restrictions which are described in the Prospectus and Prospectus Supplement. This document is not for distribution to retail clients (as defi ned by FCA in the UK).

London:Alexis Habib, Claude Marion,

Bradley Wickens, Christian Kopf,

Christopher Smith, Catherine Kenworthy

(44-20) 7903-2900 Hong Kong: Robert McCarthy (852) 2867-7808

Sao Paulo: Jorge Rosas, Christopher Teague (55-11) 4505-2255 Dubai: Saeb Elzein (971-4) 386-1685

Singapore: Kirk Alexander (65) 6303-9900

CONTACTS investor.relations@spinnakercapital.com www.spinnakercapital.com

Asset Class Asia Europe Latin AmericaMiddle East

and AfricaGlobal Total

Net Long Short Net Long Short Net Long Short Net Long Short Net Long Short Net Long Short

Currencies -68.5 -68.5 5.0 5.0 -14.7 -14.7 -43.9 -43.9 -122.0 5.0 -127.1

Domestic Interest Rates 9.9 9.9 26.3 61.5 -35.2 7.3 7.3 43.5 78.7 -35.2

Sovereign Debt 5.8 6.4 -0.6 20.4 20.4 7.0 7 -0.7 8.9 -9.6 32.6 42.8 -10.2

Equities

Corporate Debt

Collateral 12.7 12.7

Cash 44.9 44.9

Total -62.7 6.4 -69.1 35.3 35.3 33.4 68.5 -35.2 -8.0 16.2 -24.2 -43.9 -43.9 11.6 184.0 -172.4

For all positions, exposures are calculated as notional amounts for FX, market values for equities, and deltas for options on equities and FX. Exposures in credits and rates are rebased to 5-year equivalent exposures for cash and derivative instruments and associated delta exposures.

Fund Exposures (%, as of 30 November 2015)